Gemalto has 10m Financial Inclusion Network
& Operations (FINO) customers in India using micro-banking
applications on its smart cards, the digital security company
said.
Micro-payments are defined as an online or mobile, real-time or
deferred, financial transaction below €5 [$7].
Go deeper with GlobalData
FINO is a business and banking technology
platform combined with extensive channels.
According to a report by The Boston Consulting
Group, more than half of India’s adults today are still not served
or under-served by the finance sector, creating a need for
accessible financial services to India’s 1.2 billion
population.
FINO’s transactions are approved using
biometric authentication and verified through the payment terminal
reading and the card embedded software at business correspondents
of FINO.
Manish Khera, CEO, FINO said:
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By GlobalData“FINO’s goal is to make financial services
available to everyone in the country, especially in rural
areas.”
“Since the card introduction in 2007, our
customers have complimented its convenience and added value to
their daily lives. With more than half of India’s population
unbanked, we are rapidly expanding our geographical coverage and
extra services offered.”
With 22, 000 transaction points across India,
Gemalto said that FINO has the most active customer base in the
world.
